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Dublin Office ViewPoint: Dublin Office Supply Update - February 2017

Speculation that Dublin could benefit from Brexit-related office relocations escalated following Theresa May’s commentary in Jan 2017, seemingly suggesting that passporting may not be an option for UK based financial service companies

Despite reports to the contrary, Dublin has more than enough office stock in the pipeline to cater for any additional demand from Brexit relocations

Dublin office market extends to > 3.7m m2 (40m sq.ft.) of which > 60% is located in the city centre

Annual average take-up in the Dublin office market over the last 10 yrs was approx. 182,000m2 (2m sq. ft.) pa with total 2016 take-up reaching >246,000m2

⅓ rd of 2016 take-up comprised US companies with a further 11% of take-up by UK companies

Overall office vacancy rate @ end Q4 2016 was in the region of 6.6% which compares well with other competing cities

As @ end Q4 2016, there was approx. 250,000m2 (1.37 x Dublin’s annual average take-up in the last 10 yr period) of office accom. available to let, contradicting the view that there is no office stock available to let in Dublin at present

In addition to vacant stock, there is >360,000m2 (3.87m sq.ft.) currently under construction in the city centre in 27 individual schemes, of which 20% is currently reserved

This equates to just >2 yrs. of average take-up and will add approx. 10% to Dublin’s office accom. stock

Of the >360,000m2 (3.87m sq.ft.) of office accom. currently under construction, 60% is due for completion in 2017 with a further 39% due for completion in 2018

31% of the stock that is under construction and due for completion in 2017 has already been pre-let

Meanwhile, a further 543,000 m2 (5.84m sq.ft.) in 48 individual schemes has a grant of planning permission & could also be commenced if required

While a further 48,323m2 (520,171 sq. ft.) of stock has been applied for in the city centre

In summary, the visibility on potential delivery should give comfort to potential occupiers that Dublin is more than capable of providing sufficient high quality office accommodation if required

The bigger issue for Gov to tackle, which is already being addressed, is to ensure that there is sufficient housing & adequate infrastructure to facilitate this additional demand, if and when it materialises